NEW DELHI: India’s largest private sector lender HDFC Bank has cleared the name of Atanu Chakraborty, a former economic affairs secretary who served in the Government of India, for the post of part-time chairperson.
In a stock exchange filing, the bank said that it is now awaiting the Reserve Bank of India’s (RBI) approval, after which Chakraborty will take charge replacing Shyamala Gopinath.
The tenure of the bank’s current part-time chairperson, Gopinath, will come to an end on January 1, 2021, six years after she joined in January, 2015.
“The Board of Directors of HDFC Bank Ltd (“the Bank”) at its meeting held today, has recommended the appointment of the Part-Time Chairperson of the Bank and has submitted its recommendation to the Reserve Bank of India for approval under Section 35B of the Banking Regulation Act, 1949,” HDFC Bank informed the exchanges on December 28.
Chakraborty, a 1985 batch IAS officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs in April 2020.
Prior to that, he was Secretary of Department of Investment and Public Asset Management (DIPAM)—both the departments come under the finance ministry.
A post-graduate diploma in business finance and an MBA from the UK, Chakraborty also managed the finances of the government at the provincial level in Gujarat.
“Chakraborty may only be able to join next year in May after the one-year cooling-off period ends since his retirement in April this year,” said a person in the know requesting anonymity.
Meanwhile, the private sector lender said that it will select an Independent Director to chair the meetings of its Board of Directors until the RBI gives its go-ahead and the new part-time chairperson is inducted on the Board.
HDFC Bank has recently undergone a leadership change, with its long time MD & CEO Aditya Puri retiring in October, and Sashidhar Jagdishan taking the helm.
Shivan top choice as Dhanlaxmi Bank MD
Debt-laden Dhanlaxmi Bank has recommended Shivan JK as its new Managing Director (MD) and Chief Executive Officer (CEO).
Shivan retired as Chief General Manager of State Bank of India and handled various roles, including forex operations.
The RBI has asked the bank to seek approval from its shareholders.